At the 6th International Municipal BRICS Forum in Moscow, Algeria declared its desire to join the BRICS group.
Algeria's Aspirations to Join
Najiba Djilali, head of the People's Assembly of Algiers Province, stated Algeria's desire to join BRICS at the forum in Moscow. "We want our country to join BRICS," she said. According to her, this will strengthen economic ties with major players like Russia. "It will be a great joy for us if BRICS provides such an opportunity to improve relations between our countries," Djilali added.
Recent Developments in BRICS
Recently, BRICS added four new members: UAE, Iran, Egypt, and Ethiopia. This expansion aims to reshape global trade as the union explores ways to reduce dependency on the US dollar. At the forum in Moscow, held from August 27-28, representatives from 126 countries discussed strategies to support local currencies for trade. Currently, 26 nations have formally applied to join BRICS, while another 21 have shown informal interest. The upcoming 16th BRICS summit, scheduled for October 22-24, 2024, in Kazan, Russia, is expected to focus on de-dollarization.
Oil and China's Role
Meanwhile, China has become Saudi Arabia’s largest oil customer, accounting for over 20% of the kingdom’s total crude oil exports. Saudi Arabia plans to increase crude oil supplies to China in 2024 to meet the demands of new refineries coming online.
Algeria's aspiration to join BRICS reflects a broader trend towards rethinking global economic cooperation and reducing dependence on the US dollar.
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